Lakefront real estate in Chicago is very desirable, so it’s hard to imagine that a 440-acre parcel on the lake has remained empty and undeveloped since 1992.
It is the site of the former U.S. Steel South Works on the far Southeast Side. But earlier this week, the city announced that a deal has been reached for a developer to buy the property from U.S. Steel.
The Dublin-based green technology development company, Emerald Living, won a bid to convert the site into a mixed-use development, including approximately 20,000 housing units, as well as manufacturing, retail and office space.
The mayor’s office says the development will be called New SouthWorks.
U.S. Steel produced beams and sheets of steel for 112 years on the site, until it shut down in 1992.
The new owner has five months for an environmental review and to close the sale.
New SouthWorks will straddle two Chicago wards, those of Alds. Susan Sadlowski Garza, 10th Ward; and Greg Mitchell, 7th Ward. Joining host Phil Ponce in conversation are both aldermen and also Chicago Tribune commercial real estate columnist Ryan Ori.
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